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THE UNIVERSITY OF NORTH CAROLINA
Published Weekly by the
University of North Caro-
cation is released for the
lina for the University Ex-
press on receipt.
J^CiWo liMal IMtK
JULY 11. 1928
CHAPEL HILL, N. C.
THE UNIVERSITY OF NORTH CAROLINA PRESS
VOL. XIV, No. 35
•ial Boacdi E. C. Braneon, S. H. Hobbs, Jr., P. W. Wager, L. R. Wilson, E. W. Knight, D. D. Carroll. H. W. Odum.
Entered as second-
-cla.l matter Ncemher 14. 1914, at the Poatoffice at Chape! Hill. N. C.. ander the act of AUKoat Z4. I9IS.
Elsewhere in this issue is a table
showing the estimated wealth of each
state in 1927, and the percent of in
crease since 1912 which each repre
sents. It will be noticed that the total
estimated wealth of the country is 380
billions of dollars and this total repre
sents an increase of about 80 percent
since 1912. The total national wealth
is about 330 billions but only 330 billions
is distributable by states. It must be
kept in mind, however, that the
purchasing power of the dollar has
greatly decreased in fifteen years land
hence that there has been nothing like
an eighty percent increase in the
volume of physical assets. .Measured
in terms of 1913 dollars our national
wealth has increased from 184 Ibillions
to 225 billions or an increase of only 22
percent. The increase year by year is
indicated below. The figures are in
millions of dollars.
Wealth Distributable by States
Year 1913 dollars Actual dollars
1911i $ 184,663 $ 182,991
1913 187,388 187,338
1914 190,023 186,413
1916 192,709 194,261
1916^, 195,394 247.760
1917 198,079 360,996
1918 ’ 200,764 390,084
1919 203,449 419,919
1920 206,136 466,277
1921 208,820 306,767
1922 211,606 314,719
1923”"'”'.... 214,190 329,210
1924 216,876 324,662
1926 219,661. 348,443
1926’’”''! 222,246 336,691
1927 224.931 330.199
Siace the census valuations of national
wealth are made only once in ten years
and American industry needs a more
frequent appraisal, the National In
dustrial Conference Board attempts to
meet this need. While its figures are
only estimates, they are established
after multiplied investigations and
are nearly as reliable las the census
On the whole, the wealth of the
Nation is far more evenly distributed
than it used to be. Nob only have the
last fifteen years seen the rapid growth !
of great inland cities like Detroit, \
Cleveland, and Kansas City, and Pacific!
Coast cities like Los Angeles, Portland, !
and Seattle, but, more important, the ;
growth of hundreds of small industrial
towns sprinkled over the face of the
country. Improved highways, motor
trucks, and electric transmission lines |
are enabling industry to spread out and
this is good for industry, good for labor, ;
good for agriculture, and in every way l
favorable for the diffusion of prosperity
In May, 1928, the Mitten Manage
ment of the Philadelphia Rapid Transit
Co. announced the result of. a thrift
survey. The purpose of this survey
was to determine the extent of the
SCALE OF PERSONALITY
Do you wish to know precisely
where you stand in the scale of
personality? Here is the test.
How large a section of this world do
you care for in such a vital, re
sponsible way that you are thinking
of its welfare, forming schemes for
its improvement, bending your
energies towards its advancement?
The magnitude of the ends you see
and serve is the measure of your
personality. Personality is not
something you carry around in your
spiritual pocket. It is an energy
which is no whit larger or smaller
than the ends it aims at and the
work it does.—William DeWitt
Hyde,in The Five Great Philosophies
county and they are paid three percent
for collecting. They vie with each
other in returning the smallest in
solvent list. If taxes are not paid by
the fifteenth of January for the pre
ceding year five percent is added. This
encourages taxpayers to settle before
all the proceeds of their farming opera
tions are spent.—Roanoke-Chowan
THE VILLAGE BLACKSMITH
get up in class and
airplane landing stations, children in
classes will get up to recite “The
An investment that safely promises
a distinct monetary gain is justified. It
; is justified still more when it helps to
saving habit among a typ^al group of i burden of a great section
Americana j is suffering from transportation
In response to a questionnaire 2,1£0 j disadvantages. Both good business
stockholders gave information and it is and square dealing are on the side of
believed that their replies are a fair
cross-section of 28,000 people who,
aside from the P. R. T. employes, have
invested in the securities of the Mitten The Country Gentleman.
congressional accion to build up the
inlanc waterway system to a state
where it can meet its opportunities.—
Wealth Is Shifting
Fully as interesting as the growth of
national wealth-and it has reached a
total that is beyond the comprehension
of the average person
is the distribu
lion of this" wealth among the states.
A study of the table reveals that our
national wealth is more evenly dis
tributed than formerly. In 1912 the
Middle Atlantic states possessed 2b.2
percent of the national wealth now
24.7; the New England states 6.6 per
cent, now 7.8; the South AUanlicstates
8.0 percent, now 9.4; North Carolina
.9 of one percent, now 1.6 percent.
While these changes in percentage are
not large it mast be remembered that
one percent of the nations wealth
represents over three billions of dollars
Attention is called, too, to the New
England situation. We have been ir.
dined to think of New England as .
deserted cou.,try-a land of abandoned
farms and closed mills. An increase of
fourteen billions of new wealth in
fifteen years doesn’t look like New
England was in particular need ot
Nineteen states have failed to in
crease in wealih as fast as the national
average, and 29 have witnessed a more
rapid increase. Some states with large
urban centers tike New York an
fUinois Igive failed to keep pace with
national growth. Oiher states like
Ohio, Michigan, and Caiifornia have
enjoyed a more rapid growth. A
msjority of the Southern states are
included among those which are ac
cumulating wealth more rapidly than
tne N-itiofi hs a wholn.
North Carolina’s wealih has ir.creased
190 percent in 'he fiftoci'i-yeLr period,
wnen measured in current dollars, or
y? percent in ac ual inUinsic value.
•Only two States have made more re-
.iiatkHOi^ recurds-Arlauna and Wyo-
ning. Arizona’s phenomenal increase is
'lue m large part, no doutt, to the com-
pli^Lioii of great irrigation projects
whicVi have transformed a desert into
Yjrarige groves and cotton fields. The
writer does not know the cause of
Wyoming’s great progress. It appears,
however, that the mining states are
more subject to rapid fluctuations than
the agricultural and industrial states.
Bank Securities Corporation.
The wide range of occupations repre
sented by those who reported is indi
cated by the following partial list.
Doctors and dentists .... 32
Draftsmen and engineers 162
Railroad men ^8
Secretaries and stenographers... 100
Welfare workers- -64
The various evidences of thrift on
the part of those who reported may be
classified as follows:
Own their own homes 63
Have saving accounts 94
Carry life insurance 88
Rent safe deposit boxes 71
Have made their wills 56
Budget their incomes 75
The Mitten Management says that
“one interesting point brought out by
the survey is that one thrifty habit
seems to beget another. Of those who
own their own homes, 90 percent carry
life insurance, 79 percent budget their
incomes and 94 percent have saving
accounts. That widows are more prov
ident than widowers is shown by the
fact that while all of the widows have
saving accounts, only 86 percent of the
widowers have developed this excellent
habit. Stocks and bonds are apparent
ly the most popular form of invest
ment, since 86 percent of those who
replied save some part of their income
in this way. Bank deposits are a close
second with 84 percent, while 76 per
cent have building and loan association
shares.’’-Federal Council of Churches
Fertilizers, seeds, spray materials,
feeds, lime, twine, and feeder cattle
are the commodities handled for farm
ers by the Adams County Farm Bureau
Cooperative Association, Inc., Gettys
burg, Pa. The organization has an
office and warehouse at Gettysburg with
a full-time manager in charge but the
most of its purchases are distributed
from the car doors at eight country
distributing stations. Some lines of
goods, including fertilizers, lime and
feeder cattle, are distributed from car
door only. When goods are handled
through the warehouse a sufficient
charge to cover the extra handling is
added to the car-door price, thereby
encouraging the car-door deliveries.
The general manager works on a salary
basis. He sends out price lists, solicits
orders and purchases supplies. Orders
■are also solicited by eight car-door
agents who disiiibuie the supplies ai.d
collect the money from each buyer
when a car load is received. These
agents work on commission, receiving !
one dollar per ton for handling feeds
and 3 percent commission on all other
This buying association has operated
two years. Its salts for the first year
amounUd to ?112,000, and approximate
ly the same amount the second year
although it distributed nearly twice as
many feeder cattle. At the end of the
second ybar it had 219 members, each
of whom 'had signed a membeiship
note for $100 to be u»eo as collateral.
The association finanCfS the purchases
. and goods are sold for cash. Cost ol
^ operation during 1927 was 3.9 percent
' of caks. —Agricultural Cooperation,
May 26, 1928.
“finder the spreading chestnut tree,
'The village smithy stands:
The smith, a mighty man is he.”
But the trade that was the inspira
tion of Longfellow’s beautiful lines is
almost effaced. When we pass a black
smith now, we stop and marvel—not so
much at the skill with which he worlcs,
3 we used to, but at the very fact that
we have seen a blacksmith.
For garages are the order of the day I
Blacksmiths are few and far between.
Even on farms autos and tractors take
toe place of horses to a great extent.
But horse-shoeing is not the only
picturesque occupation that is becoming
largely a memory.
No longer do shoemakers make shoes;
machines make them now, and shoe
makers only mend them.
Thackers used to thatch the roof
with straw, tylers tiled it; slaters
roofed with slate; colliers burned char-
coai;chandlersmade candles and fullers
These old crafts are gone—but the
names of them linger on in the sur
names of people. Many new trades
have sprung up to take the places of
many that have passed into the discard,
but there is a romantic haze over these
old trades celebrated in song and story
that shall not pass for many, many
years to come. Long after garages
have passed away
FARM AND FACTORY
According to President Preston, of '
the American Bankers’ Association,
the future of this country rests upon
establishing industrial centers in the
Stop multiplying factories in densely
populated cities and take them nearer
to the producers and give farmers a
better home market, he says.
In addition he urges better employ
ment for surplus labor, elevating the
standards of living, increasing public
revenues, reducing taxes, and provid
ing better schools.
He showed that there is no serious
farm problem in stales where industries
and agriculture are brought into closer
Twelve years ago Kingsport, Tennes
see, had 1,000 population. A big kodak
factory and a large cement plant were
located there, and it now has a popula
tion of 17,000—one ot a thousand in
stances of the effect of farm and factory
supplementing each other,—Public Ser
to make room for
A FRIGHTFUL TOLL
Automobile accidents last month
(May) killed 47 persons and injured
365, the report of W.*C. Spruill, official
of the# motor vehicle bureau of the
state department of revenue, shows.
Intoxicated drivers were responsible
for 37 accidents that caused five deaths,
tabulated reports show. Exceeding the
speed limit was responsible for 60 ac
cidents and eight deaths. Six deaths
were caused by passing on curves and
26 accidents by drivers not having the
right of way. Sixteen accidents and
two deaths resulted from motorists dis
Accidents involving an automobile
and a train kilkd seven and injured 14.
There were 360 motor vehicles involved
In the'243 accidents that were reported
for the month.—Durham Herald.
ESTIMATED WEALTH OF THE UKITED STATES, 1927
Each State’s Total and Percent Increase since 1912
The following table gives the wealth of each state in 1927 as estimated by
CONGRESS AND THE BARGES
the National Industiial Conference Board. The states are ranked according to
the percent of increase in wealth since 1912.
AccOidiig to the rather cartful esiitnates of the National Irdnstrial Con
ference Board Ihd total wealth of the United States in 1927 was $886,176,000,-
000, or if only the wealth distributable by states is considered, $330,199,.C0,-
OOo'. These figures are lower than the estimates for either 1926 or 1926, not
because the physical assets of the nation have lets intrinsic value tut because
they have less m-netary value. This is due to a lower price level.
The wealih of the nation, when reckoned i.n current dollars, lias increased
SO percent since 1912. In twenty-one states the increase hss been more 11.10
loO percent. In only two states, Arizona and Wyoming, has the increase be.n
greater than in North Carolina. North Carolina’s increase has been 190 per
cent. North Dakota has witnessed the least increase, only 19 p. rcent.
When both the 1912 and 1927 figures are ri duced to a comparable l as i.- —
say in terms of 1913 dollars-it is found that national wealth b.as increased 22
percent instced of SO percent. In fifteen years ihc general price 'evel has risen
about 47 percent so that only those states whose wealth has incressed in excess
of 47 percent have really made a gain in intrinsic wealth.
Department of Rural Social-Economics, University of North Carolina
SELLING LAND FOR TAXES
The barge service of the
Waterways Corporation on the lower
Mississippi River saved shippers $1,900,-
000 last year. That is equal to a six
percent return on more than thirty
milUon dollars, something over three
times the capital investment m Inis
Federal waterway line,
A great deal more might have been
saved had there been facilities avail
able for the barge line had to turn
dowk thousands of tons it oould not
carry The statement of Middle
Western grain dealers that they would
have shipped several million bushels
more if the service had permitted does
not make pretty reading when it is
considered that a saving ot over three
cents a bushel was lost thereby.
Niili greater saving
ksf to sugar
Middle West and
offered each month
Ijtrlt uaid more lor us siib
of it bad to be--shipped by rail
Instead of at the lower crmbmation
because the line
, than half the 1,860,000 bags
And the Wheat
We believe that the trouble with the
counties asking for injunctions is in
their system of cullecung taxes. For
years taxes were collected in Norll.-
"amplon by the sheriti and deputies be
appointed to help him; and every sheritt
nl the county from the Civil War
!he lime the county system
changed to a township system failed
financially while in office, and left office
a poorer man. Part of the failure was
perhaps due to the fact that they
wanted to succeed themselves and were
over indulgent to taxpayers in order to
retain and gain support for the ne.xt
election. Not a dishonest dollar was
ever traced to one of the sheriffs who
failed in office, and no charge of dis
honesty was lodged against them.
In Northampton exactly 30 lots and
tracts of land were advertised for sale
this year to satisfy taxes due thereon
the whole amount of taxes involved
being only $1,280.20, and this is a
county where the citizens are depen
dent almost entirely upon the farms.
Here a tax collector is appointed for
each of the nine townships of the
1 Arizona .
2 Wyoming 1,049...
3 North Carolina 4,883 190
4 Idaho 1>‘347 185
5 Florida 2,619.
6 Tehnefsd'e 4,608.
7 Connecticut 6,631.
8 Sou'.h Dakota 3,116
9 Michigan 12,130.
10 New Hampshire.. 1,459.
11 Delaware 666.
12 Massachusetts 13,769.
12 Virginia 5,189.
14 Ohio 19,603.
15 Montana 2,352.
16 Maine 2,126.
17 New Jersey 12,480.
18 Rhode Island 2,036.
19 Utah 1.624,
19 West Virginia 4,946,
21 South Carolina ... 2,642,
22 Wisconsin 8,288
23 Georgia 4,106
24 Pennsylvania 30,341
Rank State 1927 (in sine-;
26 Mississippi $ 2.292 86
26 California 16,806 86
27 Missouri 10,492..
28 New Mexico 896..
29 Loui.'iana 3,589 .
30 Vermont 882..
30 Mars land* 5,961..
32 Orfgnn S.oJ'S .
33 Indiana 9,24'} .
34 VVa&iiingt'n 5,£54..
35 Minresota 8,92] 61
36 Kentucky 3.740 t 4
37 Texas 10,208 6:
38 Arkansas 2,706 17
39 Alabama 3,12? 6--,
40 New York 38,445 5'’
41 Illinois 23,048 40
42 Nebraska 5,511 48
43 Colorado ^.... 3,339 4 :
44 Kansas 6,466 41
44 Iowa 10,847 4i
46 Oklahoma 4,100
47 Nevada 554 2‘i
48 North Dakota 2,511 19
*includ!Dg District of Columbia